Japan Moves to Build Blockchain Payment Infrastructure for Stocks and Bonds

TL;DR

• Japan’s FSA, Ministry of Finance and BOJ are preparing a 2027 plan for blockchain-based stock and government bond settlement, targeting real-time processing instead of two days.
• The proposal would tokenize part of banks’ BOJ current accounts, while dozens of banks separately test tokenized deposits, stablecoins and blockchain collateral.
• Japan is advancing regulation alongside infrastructure, including crypto reclassification, a separate tax framework and a new dedicated FSA crypto and stablecoin division.

Japan’s Financial Services Agency, Ministry of Finance and Bank of Japan are preparing a development plan for blockchain-based settlement of stocks and Japanese government bonds, with local institutions joining the work from this summer. The blueprint could arrive as early as the beginning of 2027, detailing network design, responsibilities and a roadmap toward implementation. The striking ambition is to compress settlement from two days to real time. A portion of bank current accounts held at the BOJ would be tokenized on blockchain, turning central-bank money into part of the proposed infrastructure across Japan’s capital markets.

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